27
Feb
15:03
Construction decline, competition curtail Saudi re-roller earnings
United Wire Factories Co. (Aslak) reported a -7.2% on-year drop in revenue in 2018 to SAR 535 million ($142.7m). This was due to a continued decline in demand for construction materials and lower margins caused by strong price competition, the firm says.
Moreover, the company had inventory at higher prices, while there was downward price pressure in the market. These factors meant that net profit plunged -72% in 2018 to SAR 7.11m.
Aslak appoint…
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Anonymous
Very good overview of the weekly steel market.
Anonymous